Welsh Water have announced pre-tax profits of £50m, its strongest performance since becoming a not-for-profit company in 2001.
The 2013-14 preliminary results show the company invested almost £1 million a day into its services and follows the announcement that Welsh Water’s prices will fall by at least 1% in real terms every year until 2020.
Welsh Water, with its unique ownership model in the utilities sector, invested £354 million into its infrastructure across Wales, Herefordshire and parts of Deeside last year.
A further £344 million will be invested over the next year by the company that say they are helping around 60,000 customers who are struggling to pay their bills.
Welsh Water is owned and managed by owners Glas Cymru. Chairman, Bob Ayling, said: “Last year was the best year for Dwr Cymru Welsh Water since it was acquired by Glas Cymru in 2001.
“With no private shareholders, Glas Cymru is a unique way to own a water company, where all gains go to customers. We have shown with the ownership structure that we can perform at least as well or better than our peers.
“Our prices have now fallen before inflation in five successive years and Ofwat rated us joint second for customer service. The company is well placed to continue delivering the high quality our customers expect at the most affordable price.
“With the best credit rating in the utilities sector and a sound financial footing, customers, now and in the future, will continue to benefit from lower bills and increased investment.”
Welsh Water’s Chief Executive, Chris Jones said: “Despite the considerable challenges of the past 12 months, including extreme weather conditions, we are pleased that we have delivered our strongest overall performance yet since being set-up as a non-shareholder company.
“Our focus is always on trying to do the right thing for our customers. Through our performance and dedication of colleagues, we are determined to continue earning their trust by delivering the best possible service and safeguarding the environment on which we all depend.”